Friday, 31 May 2019 10:38

New Cyber Security Clause From BIMCO

Bimco new

 

BIMCO’s Documentary Committee has agreed on a new standard Cyber Security Clause, that requires the parties to implement cyber security procedures and systems, to help reduce the risk of an incident and mitigate the consequences should a security breach occur. The clause is drafted in broad and generic language which allows for it to be used in a wide range of contracts and it is hoped that the clause will assist parties in obtaining affordable insurance for their cyber security exposure, as the clause introduces a cap on the liability for breaches.

 

 

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